Home and Contents Insurance

[parlayman]

Hello,

What would be the recommended home and contents insurance provider in Queensland. Say the property is in the Caboolture area?

At the moment, I have an insurance (car) with Budget Direct. I haven't spoken to them yet but just wondering if anyone here has any experience or recommendation on other insurance provider.

Thanks!

 

[mattysavager]

Hi There,

Is this an investment property or your PPOR?

If an investment property - If it were me I would take out building insurance and Landlord Insurance with Different companies. That way if something happens you have two insurers who may have some overlap and they can sort it out.

Otherwise I would contact an insurance broker who can give you professional advice and stand by it.

Matt

 

[parlayman]

Thanks Matt.
It's an IP and we have a separate landlord insurance.

 

[fernfurn]

I use Suncorp in Qld, they will do the lot

 

[mattysavager]

Parlayman - Who do you use for Landlord Insurance?

Investors tell me that Terri Scheer is very good. Our agency does recommend them, but we're happy to use others. Many bank ones will screw you hard when it comes to claiming ie - Not paying the first 4 week's rent, not paying for cleaning or lawn maintenance etc..

Good landlord Insurance will cover contents like Kitchens, carpets, fixtures etc in case of damage.

Please also make sure that your building insurance covers investment properties. Often when an owner moves OUT of their PPOR and turns it into an IP, they don't change building insurance and claims can be declined because the insurance did not cover tenant actions. Like if a tenant accidentally burns down the house, because they're a tenant and not the owner - bad news.

Also - I wouldn't use the same company for Landlord Insurance as you do for Building. If you have some minor tenant damage, you can claim on your LL insurance and it won't push the premiums up for your more expensive building insurance. Just IMHO.

 

[parlayman]

Thanks fernfurn. Will ask for a quote from Suncorp.
Thanks Matt for the tips.

 

[parlayman]

Called up Suncorp but they can't do Duplex as it has a shared wall. They can only do contents in this scenario.
They're also advising about "Strata Insurance"...

 

[marmalade]

I also have a duplex in the Caboolture area, and am looking for insurance. My problem is that the owner of the other half doesn't return my calls. Are there insurers out there who will insure only half a duplex?
Also, when it comes to garden/common ground maintenance, if the other owner doesn't want to pay do I have to just pay for it all myself? (which wouldn't be very fair)

Would really appreciate any advice... Thanks

 

[brettc]

If an investment property - If it were me I would take out building insurance and Landlord Insurance with Different companies. That way if something happens you have two insurers who may have some overlap and they can sort it out.

In fact I would suggest the opposite, I believe that you are best to have both with the one insurer, preferably within the one policy. By having separate insurer's for your building and landlords cover you have the potential of them arguing over who is liable for a claim.

This happens sometimes and even though you are likely to get paid by someone at some stage it can certainly have the effect of delaying settlement of the claim meaning that you are out o pocket for longer. I have known of cases of a building insurer trying to put the loss of rent that was due to one of their (the building insurer) insured events (such as a tree falling on to a house), back on to the landlord insurer. The rent loss in this case needs to be paid by the company that is paying the damage claim.

Select the right policy with one insurer and this argument disappears as they need to cover the whole claim anyway.

Depending on the policies you may alo be opening yourself up to multiple excesses by having claims with both too.

 

[brettc]

I also have a duplex in the Caboolture area, and am looking for insurance. My problem is that the owner of the other half doesn't return my calls. Are there insurers out there who will insure only half a duplex?

This is definitely a problem area for insurer's and you may have trouble finding one that will insure half a building. There are obviously a whole range of potential problems that arise for a building insurer when they are only partially insuring common property. If there was a damage claim on the property and you had your half insured and the other side was not it would be very messy.

One possibility may be to talk to an insurer about you taking out building cover for the whole property (both duplexes) and landlords cover for yours, then billing half of the building cover to the other owner.

I don't know what legal standing you have (others here may know) to force them to pay half or for that matter to pay for insurance at all, in your situation, but at the very least it may get them to respond to you.

If you would like to talk to someone about this, private message me and I will put you in contact with someone.